ONGC shelves plan to sell stake in OPaL
Unable to attract a strategic partner for ONGC Petro Additions Ltd (OPaL), Oil and Natural Gas Corp. has shelved its stake sale plans for the petrochemical unit, said two people aware of the development, requesting anonymity.
OPaL, a joint venture between ONGC (49.4%), GAIL (India) Ltd ( 49.2%) and Gujarat State Petroleum Corp. Ltd (1.4%), has set up a grass root mega petrochemical complex at Dahej, Gujarat.
For over four years, ONGC has maintained that it was in talks with Saudi Arabia’s Saudi Basic Industries Corp. (Sabic) and Saudi Aramco for selling a 26% stake in OPaL.
